/ market insights

ETH Merge Aftermath, a Tale of Two Powells, and QUADX Hybrid Exchange Enters Testing Phase

It was choppy at best for Bitcoin and altcoins this week, with markets reacting to ETH Merge fatigue and a deepening recessionary macro outlook. Funding announcements in the Web3 space continued and a revered exchange Founder stepped down to take on a new role.

At a glance...




  • QUADX Hybrid Exchange Announces Roll-Out
  • ETH Merge Aftermath Rocks Markets
  • A Tale of Two Powells
  • Crypto Adoption Heats Up at Global Banks


Top Market Trends:

  • QUADX hybrid crypto exchange began an internal testing phase as the Quadency team prepares for another major platform upgrade.
  • OG Jesse Powell steps down as long-time Kraken Founder and CEO to take the Board Chairman position.
  • Uniswap Foundation, which oversees the world’s largest DEX, announced its first wave of grants of close to $1.8 million.
  • Fed Chairman Jerome Powell announced another 75 bp Fed rate increase, pointing to more pain before inflation ebbs and another US rate hike in November.

QUADX is just around the corner, are you ready? Get your QUAD tokens today.

Movers and Shakers

Top 7-day Gainers:

  1. XRP +50.5%
  2. CHZ +42.6%
  3. ALGO +27.5%
  4. XLM +20.2%
  5. APE +15.3%

Top 7-day Losers:

  1. RVN -29.4%
  2. EVMOS -28.1%
  3. ETC -21.7%
  4. DFI -15.7%
  5. CEL -15.5%

Technical Summary

Bitcoin Pulse
It was a wild week for Bitcoin (BTC) and crypto markets, with a post Ethereum Merge hangover causing big (and mostly downward) swings, and worsening inflation data keeping investors highly risk-averse. BTC flirted with the $18k price line several times with bouts of heavy midweek sell pressure and a struggle to establish support above the $19k zone.

  • Bitcoin faced heavy downward pressure along with stock markets.
  • Moving averages across the board are throwing a strong BTC sell signal.
  • Heavy volatility hindered Bitcoin bulls from moving the price up.

2-hour BTC/USDT
Looking at BTC's 2-hour chart, we're seeing your not-so-traditional descending triangle:

BTC_USDT_2_Hour_TABTC/USDT: A not-so-traditional descending triangle

Typically, we draw the triangle when it enters from the bottom. In the case of this graph, we can see the downtrend from the 13th of September is acting as resistance for the bounces in between the 20k and 18k zone. Keep an eye out for this price range in the next few days.

1-Day BTC/USDT
Five bounces off the 19K-18K zone in the last four months isn't the best macro look for Bitcoin:

BTC_USDT_Technical_Analaysis_1_Day_Chart1-Day BTC/USDT: Checking the OBV for buyer readiness

However, if we pull up the On-Balance Volume (OBV) technical indicator, we can see that the OBV increase can give hope of remaining in and above the zone. Note: an increasing OBV means more buyers are willing to purchase the asset at the trading price.

Altcoins on the Move
In NFTs, ApeCoin (APE) and Chiliz (CHZ) were trending this week, up over 14% and 40% respectively. XRP price shot up as the SEC vs. Ripple case heated up. Post-Merge Ethereum (ETH) shook out from its cloud of Merge-related sell offs, plunging 15% before staging a reversal attempt beginning on Wednesday.

  • ETHPoW, the PoW fork of Ethereum, plummeted since the ETH merge from $41.46 to $5.99, and suffered a bridge exploit.
  • Cardano’s Vasil Fork went live on Thursday, with new capabilities for developers set to go live an epoch later, on September 27th. $ADA was trending up on the 21st and 22nd.
  • Helium community voted to swith from its own blockchain to Solana with 81% of the votes coming in to favor the move and giving HNT a midweek price boost.

Technical Analysis - OP/USDT
Here is a nice 2-hour OP shill for the coming days and weeks:

OP_USDT_Technical_AnalysisOP/USDT: On track towards take profit levels

Optimism (OP) looks to be setting itself up for a multi-layered take profit. The price is now trading in OP's lower boundary support between $0.89-$0.92. We could see the take profit being at resistance at the 200 EMA, and then previous supports now turned potential resistance at about 1.15 and 1.35.

Newsworthy:

  • Securitize crypto securities firm is launching a fund tokenizing shares of a KKR Growth Fund on the Avalanche Blockchain.
  • Messari announced they were raising $35 million in a Series B round, led by investors including Brevan Howard Digital and Morgan Creek Digital.
  • Wintermute suffered an alleged brute force attack on its Profanity Wallet, with over $162M stolen, as reported by Certik with the deadline for a 10% bounty closing in.
  • Crypto & Banking: Estonia approved its first crypto bank, Striga; Nomura Holdings, Japan’s largest investment bank ($450B AUM) launched its Web3 arm, Laser Digital; and Société Générale ($4.3T AUM) launched custodial services for crypto fund managers.

Spotlight on: Avalanche (AVAX)

Get acquainted with the Avalanche blockchain protocol and learn how it compares with other Layer-1 chains. Get a fundamental analysis as well as a complete tokenomics breakdown and much more.

Avalanch_AVAX_Price_History_Quadency_DYOR_Coin_ProfileAVAX Price Evolution

Get the full Coin Profile on AVAX

Pro tip: Learn what’s in store at QUADX

The Quadency team announced they had entered the internal testing phase of their hybrid exchange, QUADX. Soon, select users will be testing it out and after that, the exchange that is at the crossroads of CEX and DEX trading will go live to the world.

**Get all the details on the QUADX Product Upgrade Announcement **

We looked into: Ethereum Un-Staking: When & How?

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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.